Fitch Ratings affirms MMAF Equipment Finance Trust 2009-A (MMAF 2009-A) as follows:
--Class A-4 at 'AAAsf', Outlook Stable;
--Class B at 'AAAsf', Outlook Stable;
--Class C at 'AAsf', Outlook Stable;
--Class D at 'Asf', Outlook Stable.
Fitch's analysis of MMAF 2009-A incorporates the derivation of net loss expectations utilizing its proprietary Portfolio Credit Model (PCM) as the collateral pool contains high obligor concentrations and loss experience on MMAF's managed portfolio is limited. This approach is detailed in Fitch's criteria 'Global Rating Criteria for Corporate CDOs,' dated Aug. 8, 2012. All other aspects of this review are consistent with 'Criteria for Rating U.S. Equipment Lease and Loan ABS,' dated Jan. 11, 2012.
The affirmations to all outstanding classes reflect credit support available to each class which is consistent with the current ratings. In addition, collateral performance has been strong to date as the trust has had limited delinquencies and zero losses.
Fitch will continue to monitor this transaction and may take additional rating actions in the event of changes in performance and credit enhancement measures.
Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.
Applicable Criteria and Related Research:
--'Criteria for Rating U.S. Equipment Lease and Loan ABS' dated Jan. 11, 2012;
--'Global Rating Criteria for Corporate CDOs,' dated Aug. 8, 2012;
--'Global Structured Finance Rating Criteria' dated June 6, 2012.
Applicable Criteria and Related Research:
Criteria for Rating U.S. Equipment Lease and Loan ABS
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=663732
Global Rating Criteria for Corporate CDOs
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=683910
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
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